Which statement provides a valuable assumption about the use of Customer Discovery?

provides an entrepreneur with imporant information about their product.

Customer Segments refers to __________________.

Who you believe will benefit from your value proposition/ target market.

Customer Relationships are critical to an entrepreneur's success. Which statement below is false.

Customer relationships are easy to create and maintain.

What role do customers play in the success of a product/business?

They must like the business idea/be willing to use/purchase the product.

Select the best definition for: Demographics

Who your customer is/ age, gender, ethnic background, income level, married

Select the best definition for: Buying Behavior

How your customers buy and how they intend to use your product

Define Channel from a marketing perspective.

Sharing your value proposition with others.

Which is the most important difference between primary and secondary market reserach or data?

Primary: specific outcome in mind /very expensive/ straight from source

Which statement accurately desribes why an entrepreneur should understand the concepts of branding?

Branding provides the product with a recognizable identity.

Select the best definition for: Psychographics

Why customers buy: attitudes/beliefs, lifestyle, interests, social status

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Entrepreneurship Module 3

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Questions 25

Answers

1
Which of the 4 "P's" of marketing deals with financial aspects of your product?
Place
Price
Promotion
Product
2
Name That Artist:
N'SYNC
Backstreet Boys
3
Which statement provides a valuable assumption about the use of Customer Discovery?
is a waste of time.
should only be conducted once.
provides an entrepreneur with imporant information about their product.
hinders an entrepreneur in the start up process.
4
Customer Segments refers to __________________.
Relationships built with potential customers that translate to sales
A database of contact information you use to keep in contact with customers
The places where you will place your product to best reach customers.
Who you believe will benefit from your value proposition/ target market.
5
Which of the following resources could provide you with Secondary Research Data?
Trade Magazines
Focus Groups
Customer Interviews
Online Surveys
6
Name That Company:
REI
The North Face
Reading Rainbow
Tropical Smoothie
7
Select the process that falls under Market Research for entrepreneurs:
Communicate financials to stakeholders
Test product features
Determine the company's value proposition.
Determine company mission and vision
8
Name That Artist:
Guns N Roses
Bon Jovi
Queen
Fall Out Boy
9
Customer Relationships are critical to an entrepreneur's success. Which statement below is false.
Customer relationships are easy to create and maintain.
Relationships take time to cultivate, and, if nurtured can be lasting.
There are many ways to create a positive customer relationship.
Customers "return" if they trust the entrepreneur and like their product.
10
What role do customers play in the success of a product/business?
They must like the business idea/be willing to use/purchase the product.
Customers do not play a vital role in the success of the product.
Customers are generally clueless about products.
Customers come and go. No need to keep the same people as a customer.
11
What do the letters MVP stand for in Entrepreneurship?
Minimum Viable Product
Most Valuable Player
Minimum Valuable Product
Most Valuable Product
12
Select the best definition for: Demographics
Where your customers live, including city versus urban communities, etc.
Who your customer is/ age, gender, ethnic background, income level, married
How your customers buy and how they intend to use your product
Why customers buy: attitudes/beliefs, lifestyle, interests, social status
13
What is most important when it comes to customers?
Relationships
Sales
Surveys
Contact Information
14
True or False: Target Markets can be everyone.
False
True
15
Select the best definition for: Buying Behavior
Who your customer is/ age, gender, ethnic background, income level, married
Why customers buy: attitudes/beliefs, lifestyle, interests, social status
How your customers buy and how they intend to use your product
Where your customers live, including city versus urban communities, etc.
16
Name That Movie:
The Lonely Robot
Wall-E
EEEEEEEEVA
Wall-B
17
Name That Movie:
Fluffy Hero
Marshmello Man n Friends
Big Hero 6
Big Hero G
18
Define Channel from a marketing perspective.
The way you receive funds from customers.
The way you "turn" out your product to the public
A station you watch on TV.
Sharing your value proposition with others.
19
Name That Company:
Gym Shark
Great White Co.
Lulu Lemon
Jim Shark
20
Name That Company:
amazing
amazon
amazonian
amarica
21
Which is the most important difference between primary and secondary market reserach or data?
Secondary: readily available data from external research/source based data
Primary: readily available data from external research/source based data
Secondary: specific outcome in mind/ very expensive/ straight from source
Primary: specific outcome in mind /very expensive/ straight from source
22
Name That Movie:
Highway to the Danger Zone
Top Gun: Maverick
Flying Fast Planes
Great Balls of Fire
23
Which statement accurately desribes why an entrepreneur should understand the concepts of branding?
Branding will help your competitors realize you mean business.
Branding is only done at the onset of your business.
Branding provides the product with a recognizable identity.
It is costly and can be scrutinized before embarking on branding endeavors.
24
Select the best definition for: Psychographics
Why customers buy: attitudes/beliefs, lifestyle, interests, social status
Who your customer is/ age, gender, ethnic background, income level, married
How your customers buy and how they intend to use your product
Where your customers live, including city versus urban communities, etc.
25
Which of the 4 "P's" of marketing pertains to advertising?
Promotion
Product
Price
Place

Entrepreneurship Module 3 Flashcards | StudBud